Being the biggest isn’t always the best. On the contrary, it usually leads to underperforming the market. Just ask Apple, Mark Hulbert says on MoneyBeat. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... finding Value in the stock market being a big if not always the best ... just look at Apple's market cap as an object lesson Mark Hulbert joins us from Chapel Hill about this one today ... ah you know Mark Apple ... they look pretty good there for awhile right may look like and can't miss ... Dave next ... well that's right in my column today look at what happened to Apple shares from the moment they ... fall away head of Exxon Mobil of the market can pray these become the most violent country in the world ... until last Wednesday which is when a mini pullback below in solidly to the Number two spot and during that time ... the dividend adjusted basis that was about eight percent per share so ... I'm not a big story for Apple during the time being at the top of the rankings and in this is the key was entirely predictable I went back and look to all companies the top of the market cap rankings ... the least among the Essen P five hundred companies Act nineteen eighty ... on average they can lag the market by about five percent year on an annualized basis so ... unfortunately Apple's cases that is not the exception that really is the rule ... why is that Mark I mean you are thinking of all ETF has become the biggest become the best to become the top of that hill didn't King of the hill there ... was a workout like that ... I think it really boils down to something as simple and effective overvaluation incest overvaluation is the route the market that if you think about it ... the companies in the top of the market cap rankings are more likely than not to have a greater dose ... of the overvaluation that is in bed and into the stock rights and so ... that means that there is ... more downside risk ... on the company has further on down the in the market valuation rankings is that it's a classic ... but contrarians store if you're at the top you have a lot of popularity and momentum building in your favor ... which is good as long as that buoy continues in the one that doesn't ... Ford watch out below ... the high mark over the real lot more that at MarketWatch dot com ...